Sbi Personal Loan Eligibility

Sbi Personal Loan Eligibility

Bank Finance Amount Interest Rate Tenor Processing Fee Advance Part Payment Action
15,00,000 11.95 - 16.55 48 Months 2% - 3% YES Check Eligibility

SBI is the topmost public sector bank in India. It is a bank which is trusted by every Indian for the features of the products that are offered by 18000 branches of SBI. SBI offers a wide range of personal loan product which includes, SBI Festive Season Loan, SBI Pension Loan, SBI Express Credit Personal Loan and SBI Saral Personal Loan. Here are certain features of SBI Personal loans that you should know before you apply for SBI-Personal Loan.

  • Loan Amount: You can apply for personal loans at SBI Bank to obtain a minimum loan amount of Rs. 50,000 to Rs.15,00,000/
  • Rate of Interest: The bank offers personal loans at best in class rate of interest varying from 15.50% to 24% depending on your loan type and documentation.
  • Loan Tenure: Repayment of personal loans at SBI can made during a long loan tenure varying from 12 to 60 months depending on how you want to plan your personal loan scheme.
  • Processing Fee: The bank takes 2-3% as one-time processing fee to process the loan documents for a quick disbursal.
  • Fore-closure Charges: The bank charges 0% to 3 % as a one-time fore-closure fee that is taken if you wish to make a pre-payment at any point of time during your personal loan tenure.

Eligibility Criteria

  • You must be a resident of India to avail personal loan at SBI.
  • The minimum loan granted is Rs.24000 in a metropolitan city and urban areas whereas in semi rural areas a minimum of Rs.10000 is granted. The loan granted is usually 12 time your net monthly income.
  • If you wish to borrow more than your eligibility you can also add on your spouse’s income and avail more amount as a personal loan. A good credit score of yourself and your spouse can fetch you a better personal loan deal.

Documentation SBI Personal Loan

  • One passport sized photograph
  • 1 Proof of identity
  • A document supporting your Residential and Official address proof.
  • 1 Proof of employment
  • Proof of income – Salary Slip and Bank statement
  • Form 16

If you wish to apply for personal loans at SBI all you need to so is to visit us online and shoot your personal loan application, all it takes is just a couple of minutes and you are done applying for Personal loan at SBI through Letzbank. Enjoy the benefits of waiver on service fee for all online applications submitted through our portal.